中小企業創新籌資管道之研究

Abstract

中小企業對臺灣經濟貢獻巨大，然而資金籌措能力有限使企業發展面臨困難。大型企業可以透過內部融資、股票或債券發行籌資，而中小企業則面臨融資管道單一且成本較高的問題，因此，提升中小企業籌資能力及增加管道尤為重要。 創新板市場的設立是為解決新創企業資金短缺問題，如英國的替代投資市場、新加坡凱利板、香港創業板及中國創業板，透過降低上市門檻、簡化審查流程等措施，鼓勵具創新潛力的企業上市籌資。這些市場對企業的市值、營收等要求相對較低，為初期發展的創新企業提供靈活且多元的籌資來源。 臺灣創新板成立於2021年，主要針對具關鍵技術或創新商業模式的企業，並以市值作為上市標準，降低對企業獲利能力的要求，促進企業透過資本市場解決資金需求，並推動新創企業持續成長。為降低新創企業的投資風險，創新板亦設立投資人資格限制，並要求具備相關經驗或財力的投資人參與交易。 本文將討論各國創新板市場的發展模式和監理制度，研擬臺灣未來因應政策的參考，持續完善相關制度，降低中小企業籌資成本，促進創新經濟的持續發展。

Small and medium-sized enterprises (SMEs) have made a significant contribution to Taiwan's economy, but their limited ability to raise funds has led to challenges in their development. Large enterprises can raise funds through internal financing, stock, or bond issuance, while SMEs face the issue of limited and high-cost financing options. Therefore, it is particularly important to improve the financing capabilities of SMEs and expand their access to funding channels. The Innovation Board market was established to address the capital shortage problem for new start-ups, similar to the UK's AIM, Singapore's Catalist, Hong Kong's GEM, and China's ChiNext. By lowering the listing threshold and simplifying the review process, it encourages innovative companies with growth potential to go public and raise funds. These markets have relatively low requirements in terms of market value and revenue, providing flexible and diversified financing options for innovative enterprises in the early stages of development. The Taiwan Innovation Board was established in 2021, primarily targeting companies with key technologies or innovative business models. It uses market value as the listing standard, lowers the requirements for corporate profitability, and promotes companies to meet their funding needs through the capital market. This, in turn, fosters continued growth in innovative businesses. To reduce the investment risks associated with start-ups, the Innovation Board also sets investor qualification restrictions, requiring participants to have relevant experience or financial resources. This study will explore the development models and regulatory systems of innovation board markets in various countries, offer policy recommendations for Taiwan's future strategies, continue improving relevant systems, reduce the financing costs for SMEs, and promote the sustainable development of the innovation economy.